European Council President tweets news of budget agreement

Herman Van Rompuy says EU agreement is 'worth waiting for' The president of the European Council, Herman Van Rompuy says EU leaders meeting in Brussels have reached an agreement on the bloc’s new long-term budget. The agreement comes

after more than a day of negotiations."Deal done! #euco [European Council] has agreed on #MFF [multi-annual financial framework] for the rest of the decade. Worth waiting for," Van Rompuy wrote on his Twitter account.
The agreement is believed to set a ceiling of €960 billion ($1.3 trillion) on the European Union's (EU) spending for the seven-year period from 2014 to 2020.
It still has to be approved by the European Parliament, a process that could take several months to complete.
The deal follows more than 24 hours of wrangling among European leaders over the long-term budget. A previous summit late last year had failed to resolve the issue.

Source: Deutsche Welle